When it comes to cryptocurrency, security and convenience are top of mind. That’s why many investors use crypto wallets to store and manage their digital assets. Trust Wallet is one of the most reliable and well-proven apps for storing and using digital assets.
Trust Wallet is a mobile app that offers a wide range of features to control your digital assets directly from your smartphone. It is a non-custodial cryptocurrency wallet that provides a set of tools for secure and convenient asset management, suitable for beginners and experienced traders alike.
Where It All Began
The app has had a fast and dynamic evolutionary path, with regular updates to its functionality, interface improvements, and feature enhancements.
2017: Early Stages
The idea to develop an app that would provide users with a secure way to store and use digital assets through the interface of mobile devices belongs to Viktor Radchenko. The Ukrainian developer started working on Trust Wallet in 2017.
At first, the project was conceived as a digital wallet for iPhones, and that’s the format in which it was launched. The app was built with a strong focus on security and decentralization, so Trust Wallet gives users full control over their private keys and funds.
Radchenko was initially responsible for building the wallet on his own, with no third-party developers involved in the process. A few months after the app’s launch, the number of monthly users exceeded 20,000, and Viktor soon realized the need to expand the project team.
2018: Expanding User Base
In 2018, several developers joined the project, including Maxim Rasputin, who created an Android version of the app. After Trust Wallet started supporting Ethereum (ETH) and Ethereum-compatible tokens, the popularity of the crypto wallet skyrocketed, and the number of users exceeded 100,000.
The project team continued to work on improving the user interface and expanding the functionality of the wallet. However, it was necessary to think about attracting more funding for further development. The decision was made to conduct a token sale, but the team abandoned this idea due to possible problems with regulators that lawyers warned about.
2019: Cooperation with Binance
In 2019, the Trust Wallet team received an offer from the cryptocurrency exchange Binance, which included the acquisition of the startup. The deal was finalized, making one of the largest crypto exchanges in the world the owner of Trust Wallet. This helped expand the functionality of the app. In particular, the option to exchange cryptocurrencies was integrated into the interface, and the list of supported blockchain networks was extended.
The same year marked one of the biggest security breaches the crypto wallet has ever experienced. Hackers compromised several servers used by Trust Wallet for app updates and data synchronization. The attackers injected malware into these servers and released a fake app update. Developers quickly discovered the tampering and alerted the community to the threat. Following this incident, update verification processes were improved to prevent similar incidents in the future.
In 2020, Trust Wallet started supporting crypto staking, which further boosted its popularity. In 2021, the Trust Wallet team updated the app’s functionality by adding the ability to join DeFi ecosystems directly from a smartphone. In the same year, integration with NFT marketplaces was added, allowing users to mint, sell, and buy non-fungible tokens directly from the cryptocurrency wallet.
2022 also brought several updates to the app, including a browser extension. In 2023, hackers were able to compromise Trust Wallet again using the WebAssembly (WASM) browser extension module. This allowed the attackers to steal around $170,000 in crypto. After this incident, the development team made several changes to the wallet code and rolled out an update to eliminate the possibility of multisignature fraud. The app’s user interface was also updated this year.
As of November 2023, Trust Wallet has a user base of over 70 million people. The app supports approximately 100 different blockchain networks and more than 6,000 cryptocurrencies.
Key Features of Trust Wallet
Trust Wallet offers a wide range of features that provide secure and convenient management of crypto-assets. Users can create any number of addresses for different cryptocurrencies and manage their assets directly from mobile devices.
It’s important to note that Trust Wallet is a non-custodial crypto wallet, which means it provides decentralized private key storage and also supports data encryption, making it a reliable tool for crypto management. At the same time, the responsibility of keeping the seed phrase safe lies entirely with the user.
Buying and Selling Crypto
A critical aspect of Trust Wallet’s functionality is the ability to buy and sell cryptocurrencies directly through the app. This approach allows users to quickly and conveniently exchange their assets without leaving the app, making the trading process more efficient and accessible to everyone.
The app enables users to buy cryptocurrencies for more than 100 fiat currencies through integration with popular payment services, including Apple Pay, Google Pay, Mercuryo, Ramp, Simplex, and others that support debit and credit cards and bank transfers.
Sending and Receiving Assets
Trust Wallet provides an easy and secure way to exchange cryptocurrency assets. The app supports over 1 million crypto pairs for fast exchanges.
Meanwhile, the app doesn’t charge any service fees for it, users only pay gas fees. The Trust Wallet team provided a feature to distribute orders across multiple DEXs to minimize the possibility of slippage.
One of the key features of Trust Wallet is the ability to participate in staking, which allows users to earn interest by storing certain cryptocurrencies.
Trust Wallet supports over 23 assets that can be staked directly through the app. The wallet offers direct interaction with decentralized protocols, so the project team can’t guarantee the security of the assets when staking them. Trust Wallet only acts as an intermediary to simplify the validation process for users.
In conclusion, Trust Wallet is a reliable and convenient tool for managing cryptocurrency assets. With the wide range of features provided by the app, users can manage their assets directly from their mobile device.